Reuters is reporting that Lonza Group has approached Catalent (NYSE:CTLT) with a takeover offer, but that the companies haven’t come to an agreement on price.

Deutsche Bank: "We believe Catalent would be interested in a transaction, either as a target or an acquirer/merger partner, and would like to see the business as part of a larger company to smooth any volatility in the business.

"We believe the acquisition could also be an attractive solution for exiting the greater than 20% ownership position by Catalent’s former private equity owner."

Lonza (LZAGF.PK) agrees to buy Arch Chemicals (ARJ) for $1.4B, or $47.20/share, a 37% premium to Arch's average closing price over the last 30 days. The deal, announced this morning, creates the world's largest microbial-control business, but regulators may be more concerned by the 11% spike in Arch's shares on Friday on unusually high volume.